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The Executive Mayor and Cabinet
RESOLVED;
 
2.1 to note the General Fund
revenue budget outturn is forecast to overspend at financial year
end by £18.2m at Period 8, after the budgeted utilisation of
£38m capitalisation directions requested from the Ministry of
Housing, Communities and Local Government (MHCLG), utilisation of
the £5.0m risk contingency budget and utilisation of
£13.0m corporate earmarked reserves and £3.9m business
risk earmarked reserve.
 
2.2 to note that all service
directorates have been asked to reduce their net expenditure so
that the annual budget can be balanced at the end of the year
through the in-year Financial Recovery Plan as set out from
paragraph 4.9.
 
2.3 to note the unfunded Local
Government cost pressures that have emerged nationally, regionally
and locally relating to increases in demand and market prices which
need to be addressed by Government changes to policy and/or funding
levels.
 
2.4 to note the progress in
Medium Term Financial Strategy (MTFS) savings achievement of
£21.9m (79.1%) against the total savings target of
£27.7m as set out in paragraph 4.148.
 
2.5 to note the work that is
continuing on the Council’s
Transformation Programme as set out from paragraph
4.143.
 
2.6 to note the Housing Revenue
Account (HRA) revenue budget outturn is forecast to overspend by
£8.0m.
 
2.7 to note the General Fund
capital programme 2024-25 forecast underspend of £2.7m
against the revised capital budget of £137.4m.
 
2.8 to note the HRA capital
programme 2024-25 forecast breakeven position against the revised
capital budget of £68.3m.
 
2.9 to note the Council’s
historic borrowing and subsequent debt burden continues to be
critical to the non-sustainability of the Council’s revenue
budget as set out from para 4.168. Dialogue with MHCLG continues
around options of further financial support from Government
in regard to the level of structural
indebtedness to ensure the Council can deliver sustainable Local
Government services.
 
2.10 to note that the Council
continues to operate Spend Control Panels, and tightened the
criteria from July 2024, to ensure that stringent financial control
and assurance oversight are maintained.
 
2.11 to note that current
forecasts are based on the best available information at the time
and will be subject to review and change during the financial
year.